Former Rangers manager Walter Smith has confirmed he turned down the chance to take charge of Wolves as Mick McCarthy's successor.

Smith held talks with Wolves owner Steve Morgan and chief executive Jez Moxey about taking the post until the end of the season after emerging as the favourite for the role.

The 63-year-old has been out of football since ending his second spell in charge of Rangers at the end of last season and declined the opportunity to return to management in the Premier League.

Smith told the Express and Star: "It's true I'm not going [to Wolves]. I was totally unsure whether I really wanted to do it or not. It was a purely personal thing, nothing to do with Wolves.

"I know Jez Moxey and knew I was more of a fall-back than anything. We didn't even get as far as discussing money.

"There was never a face-to-face meeting and we never discussed finance. If someone asks you, you're pleased to be asked, but the longer you think about it, you start to ask yourself whether it was right."

Smith's rejection leaves Wolves seemingly short of options in their bid to replace McCarthy, after Alan Curbishley rebuffed the offer of a short-term deal and Brian McDermott signed a new deal with Reading on Wednesday.